Ellison Begins Donations, Harvard Fears Exclusion

Law360 (June 27, 2006, 12:00 AM EDT) -- Harvard University is still waiting for Oracle co-founder Larry Ellison to put his money where his mouth is. Ellison, who recently made the first payment in his $100 million settlement over insider-trading allegations, promised the University a $115 million donation, but has yet to follow through.

This week, Ellison made the initial $5 million payment to the Ellison Medical Foundation, a charitable organization to which he will eventually donate $100 million, as stipulated by the settlement reached in a derivative lawsuit filed against him.